Lead and zinc gain as copper declines

Base metals prices were mixed on Thursday, with lead and zinc gaining value but copper and aluminium seeing losses.

Lead added 0.5 percent to $2,995 per tonne in London after going as high as $3,021 during the day as demand for use in car batteries was predicted to be higher than production this year and as inventories in London Metal Exchange warehouses declined.

Zinc gained 1.9 percent to $2,540 per tonne and traded as high as $3,595 earlier in the session.

The gain in zinc prices brought its rise this year so far to 16 percent.

Copper was down 1.4 percent in London to $7,825 per tonne in London even though it had climbed to $7,985 per tonne on continuing strikes and inventory declines earlier in the day.

Meanwhile in New York, September copper dropped 4 cents to $3.58 per pound.

The declines were put to an agreement that was reportedly reached with striking miners in Peru, even though strikes continue in Chile with no negotiations scheduled at one of the mines.

Analysts also said that some investors had decided that the recent gains in copper prices were too much.

Aluminium fell 1.2 percent to $2,802 per tonne.